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Outset Medical Reports Unaudited Fourth Quarter and 2023 Revenue, Provides 2024 Revenue and Non-GAAP Gross Margin Guidance
SAN JOSE, Calif.--(BUSINESS WIRE)-- Outset Medical, Inc. (Nasdaq: OM) (“Outset”), a medical technology company pioneering a first-of-its-kind technology to
About this update from Outset Medical, Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nOutset Medical, Inc. (Nasdaq: OM) (“Outset”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported unaudited revenue for the fourth quarter and fiscal year ended December 31, 2023, and provided 2024 financial guidance.\n\n\nUnaudited Fourth Quarter and Year End Results, and Recent Highlights\n\n\n\nRevenue in the fourth quarter totaled $30.5 million, bringing revenue for 2023 to $130 million, a 13% increase compared to $115 million in 2022.\n\n\n\nPeriod-end installed base increased 34% year-over-year to approximately 5,350 Tablo® Hemodialysis Systems, including approximately 4,050 with acute- and sub-acute care providers and 1,300 with home providers.\n\n\n\nConsumable revenue grew nearly 50% year-over-year driven by strong utilization of Tablo consoles in the acute and home settings, and contributing to recurring revenue of more than 50% of total revenue in 2023.\n\n\n\nOn January 2, the Company reported borrowing $66.5 million under its term loan agreements with SLR Investment Corp., adding to its balance as of December 31, 2023 of $207 million in cash, cash equivalents, short-term investments and restricted cash. With this additional funding, Outset’s cash position is now approximately $270 million.\n\n\n\n“We enter 2024 with a truly differentiated offering, scale in the acute setting, recurring revenue exceeding 50% of total revenue for the year and a strengthened balance sheet to fund our continued growth,” said Leslie Trigg, Chair and Chief Executive Officer of Outset. “As the only fully integrated mobile dialysis device, Tablo’s value continues to resonate with providers and patients from the ICU to the home.”\n\n\n2024 Guidance\n\n\nOutset expects 2024 revenue to be between $145 million to $153 million, growing 12% to 18% over unaudited revenue for 2023 based on the assumptions previously disclosed. Non-GAAP gross margin is expected to expand to the low-30% range for the full year 2024 and exit the year in the mid-30% range for the fourth quarter of 2024.\n\n\nForward-Looking Statements\n\n\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements o...